Assurant ‘Connected Future’ Study Finds Consumers See Promise and Risks of Connected Living
January 05 2017 - 8:30AM
Business Wire
Identity Theft, Cyberattacks and Other Risks
Influence Buying Behavior
Consumers are excited by the progression toward ‘connected
living’ and the many ways connected technologies can improve their
lives, according to a new study by Assurant, Inc. (NYSE:AIZ).
However, the study, unveiled today at the 2017 Consumer Electronics
Show, also showed growing concerns about the risks that can
accompany a connected lifestyle.
According to the 2017 Assurant study, “The Connected Future:
Navigating Promise and Risk,” 68 percent of the 2,500 respondents
said the benefits of connected technologies make their lives better
in a variety of ways. Savings (28%), enjoyment (21%) and peace of
mind (21%) were the three most cited benefits of web-connected home
products. The study also found a correlation between happiness and
a more connected lifestyle. People who have the highest average
ownership of connected products have a 20 percent greater sense of
wellbeing than people who have the least average ownership.
“Our survey clearly showed that most consumers believe connected
technologies are improving their lives, especially when it comes to
products that provide tangible value,” said Alan Colberg, president
and CEO, Assurant. “However, for consumers to embrace connected
lifestyles in a significant way, the consumer technology industry
must address consumer fears about the vulnerabilities of being
connected.”
Despite the benefits of a connected lifestyle, the survey
indicated that 65 percent of respondents said they were either
‘terrified’ or ‘very concerned’ about identity theft. Similarly, 62
percent indicated similar concerns about cyber-attacks. Privacy
issues generated somewhat lower but still significant fear, with 42
percent ‘terrified’ or ‘very concerned’ about foreign government
eavesdropping, and 40 percent with the same reaction about similar
activities by the U.S. government.
Risk Awareness Influencing Buyer Behavior
Consumers are still learning about the risks of connected
living. For example, 52 percent of respondents were not at all
aware of the October 2016 cyber-attack blamed on internet-connected
products including refrigerators and DVRs. When made aware of such
news stories, nearly half (46 percent) said they would be ‘less
likely’ to purchase connected products and devices.
“When it comes to connected technology, consumers want to get
the most out of their products with the least anxiety,” said Keith
Demmings, president of Global Lifestyle for Assurant. “It’s clear
that consumers who are most comfortable with technology are much
more likely to protect themselves and their purchases with
additional coverage. In turn, they experience half the level of
fear and frustration associated with a connected lifestyle.”
A strong majority (79%) of those polled said they were more
likely to buy products that increase protection against privacy
risks, with technophiles twice as likely to address this concern by
buying extra protective services rather than abandoning their
devices. According to Assurant, this helps explain why, across 21
internet-connected products, an average of 45.2 percent of
respondents who are considering purchases of one or more products
in 2017 indicated that either a 2-year extended warranty or an
insurance policy covering theft, loss or damage increased their
likelihood of buying.
Issued in January 2017, this survey polled 2,500 adult consumers
in the U.S. who own a smartphone and have a wireless service.
Select results can be viewed at: Assurant.com/CES17.
Note to Media: CEO Alan Colberg and President of Global
Lifestyle Keith Demmings are available for interviews at CES on
January 4th and 5th. Assurant will also be available to discuss the
study at the 2017 Consumer Electronics Show (CES) ShowStoppers
event on January 5, 2016 at the Wynn Hotel. Find out more at
www.Assurant.com/CES17.
About Assurant
Assurant, Inc. (NYSE:AIZ) is a global provider of risk
management solutions, protecting where consumers live and the goods
they buy. A Fortune 500 company, Assurant focuses on the housing
and lifestyle markets, and is among the market leaders in mobile
device protection; extended service contracts; vehicle protection;
pre-funded funeral insurance; renter’s insurance; lender-placed
homeowner’s insurance; and mortgage valuation and field services.
With approximately $30 billion in assets and $6 billion in
annualized revenue as of Sept. 30, 2016, Assurant is located in 16
countries, while its Assurant Foundation works to support and
improve communities. Learn more at assurant.com or on
Twitter @AssurantNews.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170105005827/en/
Media:Assurant, Inc.Linda RecuperoSenior Vice President,
Global Communication212.859.7005linda.recupero@assurant.com
Assurant (NYSE:AIZ)
Historical Stock Chart
From Mar 2024 to Apr 2024
Assurant (NYSE:AIZ)
Historical Stock Chart
From Apr 2023 to Apr 2024